People considering moving their finances offshore should ensure that they have researched the market and have sought professional advice, it has been claimed.
According to Rhiannon Williamson, director of Shelter Offshore, investors should not decide to offshore their money without first consulting a professional adviser.
Investors need to be aware that getting such advice may mean they do not waste time and money following a strategy that may not be worthwhile, she said.
"Not everyone can benefit from going offshore in any way and so it is not worth the time and expense for such people, so get personal advice before you act," she recommended.
Earlier in the year, Rachel Thrussel, head of savings at Moneyfacts.co.uk, said that the rates available with some offshore savings accounts made them more attractive than some onshore products.
However, consumers should be wary of the tax implications of such accounts and know their protection rights to ensure they obtain a suitable deal, she stated.
Offshore investors told to do their homework
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Offshore investors told to do their homework
Wed, 14 Nov 2007
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